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The Federal Reserve Cut Rates 10.29.25:
The Federal Reserve has cut interest rates yesterday by .25%. However, in their press release they stated there is no guarantee for a cut in December. And as has been the case with rate cuts from the Feds, mortgage interest rates went up from 6.18% to 6.33%. There is also talk that they may begin printing money again, which will just hike up inflation. We shall see.
Notable NJ County Changes:
A big notable change is Morris County's lack of inventory, down by 15% from the previous year. As a result, the median sale prices have risen by 13% (YOY) to $707,000, the highest in NNJ. One other observation, while I was looking through the data, is that Passaic County has surpassed 2022 in the amount of days it takes a home to sell by ~3 days. That is the first time any county has had homes with more days on the market than that year. Considering inventory in Passaic County has been about even with 2024, I can only assume homes are being listed way too high in that county.
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